New FHA changes requires a minimum credit of 500 to buy a home. In
the old days FHA did not require a minimum score. These changes went in
to effect in 2010.

To buy a home you will need a minimum score of 500.

Borrowers with scores above 580 require a 3.5% down payment. The
funds can be a gift from a family member and up to 6% seller concession
is allowed.

If you have credit score below 580 new FHA changes require a 10%
down payment. The funds can be a gift from a family member and up to 6%
seller concession is allowed.

FHA loan changes 2016

FHA closing
cost. FHA regulates some of the closing costs associated with a FHA
loan. FHA allows the seller to pay up to 6% of the sales price for
closing cost.

If you are buying a $100,000.00 house FHA allows the seller to pay up to $6,000.00 for your closing cost. It must be in writing in the sales contract, "Seller will pay up to 6% of buyer's closing cost."

If
you do not write it into the sales contract then you will be paying the
closing cost. In the state of Florida closing cost for a $100,000.00
house average
around $4,300.00 depending on taxes, insurance and who's paying the
transfer tax and owner's title insurance.

By allowing the seller to pay for your closing cost you will decrease
the amount of money required to buy a home. Buying a
$100,000.00 property requires $3,500.00 down payment and if the seller
pays up to $6,000.00 for your closing cost you will only need around
$4,000.00 to buy a $100,000.00 in Florida.

Are you short funds to close? The FHA no closing cost loan
allows all of your closing cost to be rolled into your loan including
your appraisal fee, hazard insurance premium and even your escrow
account.

Are you a first time home buyer? Do you need to get pre-approved for a first time home buyer program in Florida?

Mortgage World Home Loans of New Jersey
is a licensed residential mortgage broker in the state of Florida and will match you with the
lender that will approve your FHA loan down to a 500 credit score.

We look forward to working with you.

www.MORTGAGE-WORLD.com, LLC is not an agency of the state or federal government and is not affiliated with the Federal Housing Administration.
Nationwide Mortgage Licensing System ID 1630225
All loans arranged with third-party providers.
Licensed in the State of New Jersey
Florida License Number - MBR2317
www.MORTGAGE-WORLD.com, LLC
535 Bergen Blvd. Suite 2
Ridgefield NJ 07657
Call 888.958.5382

www.MORTGAGE-WORLD.com, LLC is not an agency of the state or federal government and is not affiliated with the Federal Housing Administration.
Nationwide Mortgage Licensing System ID 1630225
All loans arranged with third-party providers.
Licensed in the State of New Jersey
Florida License Number - MBR2317
www.MORTGAGE-WORLD.com, LLC
535 Bergen Blvd. Suite 2
Ridgefield NJ 07657
Call 888.958.5382